The key role of leading emerging BRIC markets for the future of global health care
Abstract
Acronym BRIC was created 2001 with the notion of marking the most promising and huge emerging markets outside the established postwar high income economies. Brazil, Russia, India and China’s nominal GDP growth rates continue to outpace the ones of Western Europe, North America and Japan before, during and after world macroeconomic crisis. This global phenomena will also heavily affect global demand and provision of health care services as well as other economy branches. The key cause for such change is occurrence of enormously massive middle class of citizens in these countries. Their health insurance coverage is extending together with package of services covered within such plans. Not less important is the overall growth of purchasing power followed by stronger affordability of vast portion of medical goods and services commonly paid out-of-pocket by ordinary citizens. Observing the changing landscape of global health care we should take into account steady slow economy growth rates of most mature, saturated markets. This also reflects to consumer demand for health services which remains strong in rich countries but true expansion of global market size happens actually elsewhere. This is acknowledged by all major market analysis agencies. They overtly recommend to multinational companies dealing with health care to focus on emerging markets and BRICs in particular if they are willing to survive. The key target to harvest long term profits and sustainable presence among pharmaceutical industry and medical equipment manufacturers worldwide shall remain emerging market investment for a long course of years to come.
KEY WORDS : BRICs, emerging markets, global, health care, demand, medical services
References
O'Neill, Jim. Building better global economic BRICs. Goldman Sachs, 2001.
"Brazil, Russia, India And China (BRIC)". Investopedia. Archived from the original on 21 May 2008.
"BRIC Becomes BRICS: Changes on the Geopolitical Chessboard". Foreign Policy Journal. Retrieved 2012-06-19.
O'Neill, Jim, BRICs could point the way out of the Economic Mire, Financial Times, London, September 23, 2008, p. 28.
Frank, William P., and Emily C. Frank. "International Business Challenge: Can The BRIC Countries Take World Economic Leadership Away From The Traditional Leadership in The Near Future." International Journal of Arts and Sciences 3.13 (2010): 46-54.
"BRIC thesis Goldman Sachs Investment Bank, "BRIC"". Gs.com. Retrieved 2010-10-15.
Prabhakar, Akhilesh Chandra. "An Overview of the New Emerging Balance of Forces-‘The BRICS, G 20 and G 7’Response to the Global Financial Crisis." Dynamics of Public Administration 28.1 (2011): 10-32.
Deloitte, 2014 Global life sciences outlook Resilience and reinvention in a changing marketplace, ©2013. For more information, contact Deloitte Touche Tohmatsu Limited.
Kerschner M E, Huq N, Asian Influence: The emering 21st century middle class, MorganStenly SmithBarney, Global Investment Committee, June 2011
Kedia, B., Somnath Lahiri, and Debmalya Mukherjee. "BRIC economies: earlier growth constraints, contemporary transformations and future potential, and key challenges." Emerging economies and the transformation of international business: Brazil, Russia, India, China (BRICS). Cheltenham: Edward Elgar (2006): 46-74.
Sheingate, Adam D. The rise of the agricultural welfare state: institutions and interest group power in the United States, France, and Japan. Princeton University Press, 2003.
Gómez, Eduardo J. "Confronting Health Inequalities in the BRICs and other emerging economies: International Politics, Institutions, and Civil Society." (2013).
Thakkar, Darshan. "Emerging Nations’ Healthcare Coverage."
Hotez, Peter, et al. "Strengthening mechanisms to prioritize, coordinate, finance, and execute R&D to meet health needs in developing countries." Institute of Medicine of the National Academies of Science discussion paper January 11 (2013).
Gerasimova, A., and I. Khasuntsev. "Institutional characteristic features of innovation systems development of BRICS countries." Management Science and Engineering (ICMSE), 2011 International Conference on. IEEE, 2011.
Goguen F J, Connolly D J, CFA Global Wealth Creation: The Impacts on Emerging Markets’ Health Care, The Boston Company Asset Management, LLC (TBCAM) August 2012
Ruger, Jennifer Prah; Ng, Nora Y. Emerging and Transitioning Countries' Role in Global Health; St. Louis U. J. Health L. & Pol'y 253 (2009-2010)
Watt, Nicola F., Eduardo J. Gomez, and Martin McKee. "Global health in foreign policy—and foreign policy in health? Evidence from the BRICS." Health policy and planning (2013): czt063.
Clemens, Marius, Florian Mölders, and Dieter Schumacher. "Exports: Orientation towards emerging markets." DIW Economic Bulletin 1.2 (2011): 11-15.
Jakovljevic M, Rankovic A, Racic N, Jovanovic M, Ivanovic M, Gajovic O, Lazic Z, Radiology Services Costs and Utilization Patterns estimates in Southeastern Europe - A Retrospective Analysis from Serbia, Value in Health Regional Issues Value in Health Regional Issues Volume 2, Issue 2, July–August 2013, Pages 218–225 doi 10.1016/j.vhri.2013.07.002
Liu, Xiaohui, and Trevor Buck. "Innovation performance and channels for international technology spillovers: Evidence from Chinese high-tech industries." Research Policy 36.3 (2007): 355-366.
Jakovljevic M, Nakazono S & Ogura S, Contemporary generic market in Japan – key conditions to successful evolution, Expert Review of Pharmacoeconomics & Outcomes Research, Mar 2014 , DOI:10.1586/14737167.2014.881254.
Jakovljevic MB, Oncology monoclonal antibodies expenditure trends and reimbursement projections in the emerging Balkan market, Farmeconomia. Health economics and therapeutic pathways 2014; 15(1): 27-32.
Gulati, Ashok, and Kevin Chen. "The Dragon and the Elephant: Agriculture Reforms in China and India." (2007).
Jakovljevic MB. Resource allocation strategies in Southeastern European health policy. Eur J Health Econ. 2013 Apr;14(2):153-9.
Totić, Ibrahim. "Financing of health systems in the BRIC countries." Finansije 67.1-6 (2012): 192-221.
Gangadharan, Srinivasa Rao, and C. A. Yoonus. "Impact of the Economic Reform Programme on the Quality of Human Life in India: A Study on the Health Indicators." Journal of Health Management 14.2 (2012): 183-199.
Harmer A, Xiao Y, Missoni E, Tediosi F. 'BRICS without straw'? A systematic literature review of newly emerging economies' influence in global health. Global Health. 2013 Apr 15;9:15. doi: 10.1186/1744-8603-9-15.
Goldstein, Andrea. Who’s afraid of emerging-Market TNCs? Or: are developing countries missing something in the globalization debate?. Edward Elgar Publishing, 2008.
Erixon, Fredrik, and Razeen Sally. "Trade, globalisation and emerging protectionism since the crisis." ECIPE, Brussels (2010).
Growing Beyond Rapid Growth Markets, Winter Edition 2013, Ernst & Young's Emerging Markets Center, © 2013 EYGM Limited.All Rights Reserved.EYG No. AU1420
Cooper, Julian. "Of BRICs and brains: Comparing Russia with China, India, and other populous emerging economies." Eurasian Geography and Economics 47.3 (2006): 255-284.
Cai, Hongbin, and Daniel Treisman. "Did government decentralization cause China's economic miracle?." World Politics 58.4 (2006): 505.
Blasio, Beatrice. "hEAlTh budgETARy AllocATIon In bRIc counTRIEs: hAs ThEIR EconoMIc booM conTRIbuTEd To An IMPRovEMEnT In ThE quAlITy of huMAn lIfE?." Rivista elettronica di Diritto, Economia, Management (2012): 162.